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Government. The Hong Kong Financial Secretary presents his budget to the Legislative Council and fiscal measures are subject to their approval. Any funds raised through taxation in Hong Kong are used by the Hong Kong Government for Hong Kong purposes in accordance with their policy as approved in Council.
You may perhaps They do not accrue to the British Exchequer. be thinking of the Hong Kong Government's sterling balances. These are entirely at the disposal of the Hong Kong Government who, in common with many other Governments both within and outside the Commonwealth, find it beneficial to keep a
They remain, substantial part of their reserves in London. however, at the disposal of the Hong Kong Government, subject only to voluntarily agreed conditions under the Sterling Guarantee arrangements.
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I hope this information will be helpful to you.
R B Crowson
Hong Kong & Indian Ocean Department
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